Beyond the Hype: Hackatao’s Insights on the Evolution of the NFT Market
Hackatao, a bluechip NFT duo consisting of Sergio Scalet and Nadia Squarci, has been actively involved in the NFT art scene since its early days. They have witnessed the evolution of the market firsthand and are excited about its current state. According to Hackatao, the NFT market has matured significantly over the past few years and is now more sustainable and less speculative.
Dear 🫡
If we ask ourselves,
"Are you happy with how the NFT space has evolved?"
The answer is "No."We have been making art in the NFT space since April 2018 (for 5 years now), 23/7.
Our passion for the space has led us to share what we have learned in the early years…— Hackatao â™› (@Hackatao) April 5, 2023
Collectors have changed
One of the key changes that Hackatao has observed in the NFT market is the growing sophistication of collectors. While there are still some speculators looking to make a quick profit, Hackatao believes that the majority of collectors are now more interested in the art itself than its monetary value. This has led to a greater emphasis on the quality and creativity of the artwork, which is a positive development for artists.
Speculation is rampant but technology continues to innovate
In addition, the market is becoming more inclusive and accessible to a wider range of collectors, which has further contributed to its maturity. Hackatao notes that the integration of new technologies, such as virtual reality and augmented reality, has opened up new possibilities for NFT art and made it more accessible to a wider audience. This has also led to greater experimentation and innovation in the field, as artists can now explore new mediums and create more immersive experiences.
Additional opportunities for artists
The growing maturity of the NFT market has also created more opportunities for artists to showcase their work to a global audience. Hackatao notes that, in the early days of the market, it was mainly dominated by a handful of artists and collectors. However, as the market has matured, it has become more diverse and inclusive, allowing a wider range of artists to gain recognition and success.
For Hackatao, the current state of the NFT market is not just exciting, but also sustainable. They believe that the market has the potential to provide artists with a reliable income stream and help them establish a long-term career in the art world. This is particularly important given the challenges that artists face in the traditional art market, which can be exclusive and difficult to break into.
One of the reasons why the NFT market is so attractive to artists is its ability to provide a direct relationship between creators and collectors. Hackatao notes that, unlike traditional art markets, which are often dominated by middlemen and institutions, the NFT market allows artists to sell their work directly to collectors. This gives artists greater control over their work and allows them to establish a direct connection with their audience.
Hackatao is optimistic about the future of the NFT market. They see it as a powerful tool for artists to reach new audiences, create unique experiences, and establish a sustainable income stream. While there are still challenges and uncertainties in the market, Hackatao believes that the growing maturity of the market and the increasing sophistication of collectors bode well for the future of NFT art.
